K Maryanne Printers incurred external costs of $1,200,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 years, it was expected to provide Maryanne with a competitive advantage for only ten years due to expected technological advances in the industry. Maryanne uses the straight-line method of amortization. (Click the icon to view additional information.) Read the requirements. Etext pages Record (b) the amortization of the patent for year 1. Journal Entry Date Cash Date Accounts Amortization Expense-Patents Patents Get more help - Accounts Impairment Loss on Patents Patents Debit Requirement 2. Once Maryanne learned of the competing printer and adjusted the expected future cash flows from its original patent, was this asset impaired? If so, make the impairment adjusting entry. (Record debits first, then credits. Exclude explanations from any journal entries. For transactions that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other input fields blank.) Journal Entry 120,000 Debit 1,200,000 0 Credit 120,000 Credit 0 Clear all Final check

just need the last one where there are zeros

(i) (Click the ioce 10 vew addetone intormation: Read the ceguirmerts Record (b) the amorisation of the patent for year 1 . "Accourte" colume and have at piner input fiests beink.) More info After using the patent for five years, Maryanne learned at an industry trade show that Super Printers has patented a more efficient printer and will be selling this printer next quarter. Because of this new information, Maryanne determined that the expected future cash flows from its patent were now only $520,000. The fair value of Maryanne's patent on the open market was now zero. Requirement 2. Once Maryanne learned of the competing printer and adjusted the expected future cosh fows from its original patent, was this asset impaired? if so, make th entry. (Record debits first, then credits. Exclude explanations from any joumal entries, For transactions that do not require an entry, make sure to select "No entry required" in the "Accounts" column and ledve all cther input fields blank)